IMF suggests Albania maintain reforms' momentum

Source: Xinhua| 2017-10-03 04:02:24|Editor: Yurou
Video PlayerClose

TIRANA, Oct. 2 (Xinhua) -- After a week of meetings with senior Albanian officials here, the International Monetary Fund (IMF) mission published its report Monday recommending authorities continue reforms in key economy sectors.

At the end of their visit to Tirana, the IMF mission recommended Albania maintain macroeconomic stability and deepen structural reforms to improve the investment climate, as well as catch up to European Union (EU) income levels.

According to IMF, Albania's economy continues to strengthen, benefiting from rising domestic demand, large, energy-related Foreign Direct Investment, growing tourism, and a recovery in key EU trading partners.

However, further efforts are needed to cement these gains, the mission said.

IMF experts said the reforms momentum had slowed given the elections and extended government transition.

"The growing economy and clear electoral mandate provides a unique opportunity for the new government to redouble reform efforts," the mission said in a statement.

According to the statement, the economic recovery is supported by rising consumer confidence.

"GDP growth is projected to increase to 3.9 percent in 2017, driven by rapid expansion of tourism and construction sectors, offsetting the negative impact of drought on electricity production," the statement noted.

However, the IMF mission said that despite the recovery, fiscal consolidation was expected to slow down in 2017.

TOP STORIES
EDITOR’S CHOICE
MOST VIEWED
EXPLORE XINHUANET
010020070750000000000000011100001366554811